Apartment Investment and Management (AIV) 8-K Regulation FD Disclosure

69 REDEVELOPMENT ECONOMICS PRESERVE AT MARIN - OCCUPANCY STABILIZED 3Q 2015 (1) Based on current market NOI capitalization rates reported in CBRE North America’s Cap Rate Survey for First Half 2015 (2) Projected stabilized NOI includes an assumed 2% management fee. PROJECT SCOPE Net investment ($M) Total apartment homes NOI stabilized $123.4 126 4Q 2016 REVENUE PER APARTMENT HOME August 2015 Projected at NOI stabilization (un-trended) $4,993 $5,213 PROJECTED VALUE CREATION Redevelopment value creation ($M) As a % of investment NOI yield $23.7 19% 4.2% (1) (1) (2)